UK property asking prices rise for first time since May, Rightmove says

British property sellers have begun requesting higher selling prices for homes, marking the first increase since May, according to real estate website Rightmove. Prices for listed properties climbed by 0.7% between August 9 and September 12, a slightly larger monthly rise than the yearly average for this period, following a decline of 2.0% over the previous four weeks, the report revealed.

Asking prices were 0.8% lower than a year ago, after a 1.0% annual drop in Rightmove's August report. The number of homes available for purchase reached a 12-year high during this time. However, buyer inquiries were 9% lower than this time last year.

Colleen Babcock, a property expert at Rightmove, noted that September's above-average price rise is a positive sign after a particularly quiet summer. She emphasized, though, that the increase should be seen as a modest recovery. Furthermore, the average two-year fixed mortgage interest rate rose to 5.29% from 5.09%, with little indication of an end to the ongoing Iran war which has driven up borrowing costs.